Following the confirmation of an expansion of its partnership with Mitsui OSK Lines (MOL) last week, maritime tech start-up Bearing has announced the full launch of its AI-driven operations optimisation platform with the news that another major Japanese shipping company, ‘K’ Line, will implement the new Bearing Analysis Dashboard on more than 300 vessels.
Bearing’s platform is powered by ship performance models built on real-world data, used to predict fuel consumption, speed, and other performance factors. The company claims its typical prediction accuracy for fuel consumption is over 98% per voyage.
Based in Silicon Valley, Bearing’s team has its roots in artificial intelligence (AI) and large-scale data-driven products. Core to the technology is a platform that ingests data from various sources, including ship sensors, satellite positioning and weather data.
Bearing combines this data with deep learning technologies to build models that predict vessel performance in a wide range of operating conditions, from storms to calm water. These models serve as the foundation for a range of products, including a Smart Routing Engine, a Ship Profile API, and the Performance Analysis Dashboard.
The Performance Analysis Dashboard proactively highlights actions that operators can take to improve fleet efficiency and calculates the return on investment (ROI) for different actions, such as hull cleaning. The system is being implemented by ‘K’ Line across its fleet after the Japanese company’s experience working with Bearing in its development and testing.
“As a result of verifying the performance analysis by utilising Bearing’s technology, ‘K’ Line confirmed a much higher level of data accuracy compared with the existing performance analysis tool. Therefore, ‘K’ Line is going to adopt Bearing’s Performance Analysing Tool on 300+ vessels,” said Shingo Kameyama, General Manager of ‘K’ Line’s Advanced Technology Group.
“High accuracy of ship performance analysis is essential for all safety and energy-saving measures in ship operation. Bearing’s technology contributes to our safe, economical operation and greenhouse gas reduction, which is one of the most significant maritime industry challenges.”
Bearing’s Smart Routing Engine has already been deployed with its initial development partner, MOL, and is used to automatically analyse all potential routes for a given voyage. An optimal route and speed profile is then recommended, with the platform continuing to evaluate all possible route options in real-time during the voyage, automatically adapting to changing weather conditions.
The third product, the Ship Profile API, is to be offered to shipping companies and other service providers to access Bearing’s deep learning models to power their own tools, via an API. Bearing says it has partnered with ZeroNorth, a spin-off of Maersk Tankers, to develop and launch this API and will link with ZeroNorth’s Optimise platform as an initial customer.
Bearing was founded by CEO Dylan Keil and Chief Engineer David Liu, gaining a total of $3 million in funding from investors including AI Fund (founded by Andrew Ng) and Mitsui & Co., Ltd.
“We believe that there is a wide range of opportunities to use deep learning algorithms in the maritime and shipping industry, which can lead to various applications including greenhouse gas reduction,” said Yoshio Kometani, Representative Director, Senior Executive Managing Officer and Chief Digital Information Officer at Mitsui & Co.
“We are happy to join forces with Bearing and AI Fund to develop innovative technologies, expand the business, and help to create an eco-friendly society.”